luc1grunt
622 posts
msg #69205
- Ignore luc1grunt |
11/12/2008 7:06:51 PM
Hey, I use value as a basis for my long term investments, but starting last October my paranoia level was such to scrutinize beyond action any new large positions or even adding to current holdings.
I have been at odds with friends and family over this, especialy in light of the fact that despite profits, they tend to look down on trading in general. They do not know what returns I get, but it has to be a little obvious to more than the casual observer.
I sit here somewhat amused, but also saddened by the fact that "now is the time / valuations are high" comments (and actions) have been taken over the past year. I know a few who added to losers in September and October because "these prices are beyond cheap". They are now clinging to "long term gains will pay off", and "I still have a good cost basis". Now the despair is settling in and talk of "cashing out when breaking even" is more common.
Worse yet are those saving their entire lives to find a 60% haircut on those investments right at the time they are depending on that money the most. 9% year over year doesn't mean shit when 3 companies go bankrupt, 2 are now penny stocks, and the heavyweights are reduced by more than half.
Keep worshipping buffet and the buy and hold forever crowd. Red is bad regardless of length of hold and I cannot be swayed from that educated view.
Just had to vent a little sadness and reluctantly gloat at the same time.
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